tourism
A year after FTI bankruptcy: Most travelers compensate
It looks worse for other creditors of the company who have registered almost a billion of claims. Meanwhile, most of the group’s hotels can be saved.
Almost a year after the bankruptcy of the Munich travel provider FTI, most affected package travelers now have their money back. Around 172,000 applications have now been processed according to German travel security funds (DRSF). A total of 245 million euros were paid out. Around 6,000 more complex applications are still being processed. In total, the DRSF had even contacted 212,000 travelers for reimbursement options – but 34,000 of them reported nothing.
For other creditors from the FTI bankruptcy – more than 73,000, who together have registered almost one billion euros in demands – it looks worse: Insolvency administrator Axel Bierbach is making ahead in the process, but he expects only a fraction of the claims to be paid in the end. “It is already foreseeable that the quota will be very low,” he said. “However, a precise assessment is only possible after the receipt examination and asset recycling.”
Long procedure expected
The so -called satisfaction rate – i.e. the proportion of claims that can be paid – is likely to be in the single -digit percentage range. This is not an atypical size for insolvency proceedings. In addition, the procedure will take a long time.
According to Bierbach, the very complex group structures also contribute to this. The handling of the group – with around 11,000 employees and 110 domestic and foreign companies with a decentralized organizational structure – has placed very high demands on everyone involved.
Hotel sales should save jobs
It looks better for most of the originally 54 hotels that belonged to the group. So far, seven hotels have been sold, the sales process in two runs. More are not yet ready for saying, it was said, but most would probably be sold by the end of the year.
First of all, a hotel had to close, but that was not only due to the bankruptcy. Most hotels are leased systems in which the property is not owned by FTI. The hotel sales are to save around 3,500 jobs. How much money can be released from the sales is still open.
dpa
Source: Stern
